Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should be treated as accommodation entries and assessed as the assessee's own income. - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the lenders. Despite the AO's reliance on statements from the hawala operator, the Tribunal noted that such statements were recorded without the assessee's opportunity for cross-examination. As the assessee had fulfilled the burden of proof u/s 68, the Tribunal upheld the CIT(A)'s decision to delete the addition of the unsecured loan. - Furthermore, it was found that the share application money was not received by the assessee during the relevant assessment year, as evidenced by the balance sheet. Overall, the Tribunal dismissed the Revenue's appeal and confirmed the decisions of the CIT(A).
Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should be treated as accommodation entries and assessed as the assessee's own income. - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the lenders. Despite the AO's reliance on statements from the hawala operator, the Tribunal noted that such statements were recorded without the assessee's opportunity for cross-examination. As the assessee had fulfilled the burden of proof u/s 68, the Tribunal upheld the CIT(A)'s decision to delete the addition of the unsecured loan. - Furthermore, it was found that the share application money was not received by the assessee during the relevant assessment year, as evidenced by the balance sheet. Overall, the Tribunal dismissed the Revenue's appeal and confirmed the decisions of the CIT(A).
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